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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
26/04/2012 2012/270 Actual use of sanctioning powers under MAD Final Report PDF
1.55 MB
The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010.  The results of the report will provide input to the legislative process on the new market abuse regime.
18/03/2015 2015/592 Automated Trading Guidelines- ESMA peer review among National Competent Authorities Final Report PDF
930.33 KB
25/02/2015 2015/494 Best Execution under MiFID , Final Report PDF
761.62 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
17/07/2019 ESMA35-43-1905 Call for evidence Impact of the inducements and costs and charges disclosure requirements under MiFID II Consultation Paper PDF
479.41 KB
30/09/2019 ESMA-35-43-2090 Call for evidence on MiFID II product intervention powers Consultation Paper PDF
197.51 KB
07/05/2012 2012/278 Call for evidence on Transaction reporting Consultation Paper PDF
286 KB
This call for evidence seeks to collect interested parties’ views on what elements ESMA should consider in its work on guidelines on harmonised transaction reporting, as well as opinions on what areas of the OTC derivatives guidelines need to be updated. On the basis of responses received to this call for evidence, ESMA will define its further work on guidelines on harmonised transaction reporting and launch a full public consultation.
18/01/2018 ESMA35-43-904 Call for Evidence – Potential product intervention measures on contracts for differences and binary options to retail clients Consultation Paper PDF
306.85 KB
19/12/2018 ESMA35-43-1210 Consulation paper on integrating sustainability risks and factors in MiFID II Consultation Paper
15/07/2019 ESMA35-43-2019 Consultation paper on compliance function guidelines Consultation Paper PDF
677.15 KB
05/10/2016 2016/1436 Consultation Paper on Draft guidelines on MiFID II product governance requirements Consultation Paper PDF
661.2 KB
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation , Consultation Paper PDF
905.26 KB
22/12/2011 2011/446 Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements Consultation Paper PDF
393.94 KB
13/07/2017 ESMA35-43-748 Consultation Paper on guidelines on certain aspects of the MiFID II suitability requirements Consultation Paper PDF
740.94 KB
22/12/2011 2011/445 Consultation paper on guidelines on certain aspects of the MiFID suitability requirements Consultation Paper PDF
355.06 KB
27/05/2019 ESMA70-145-1145 Consultation paper on Guidelines on periodic information and notification of material changes to be submitted to ESMA by Trades Repositories , Consultation Paper PDF
545.53 KB
19/12/2018 ESMA35-43-1210 Consultation paper on integrating sustainability risks and factors in MiFID II Consultation Paper PDF
494.66 KB
22/05/2014 2014/549 Consultation Paper on MiFID II/MiFIR , Consultation Paper PDF
2.03 MB
This publication is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper.Please use this “form to reply”.The level 1 texts adopted by the European Council during its 13 May 2014 meeting are available here: MiFID II and MiFIR. These links are coming from the Council Press Release.
19/12/2014 2014/1570 Annex B Consultation paper on MiFID II/MiFIR- Annex B , Consultation Paper PDF
2.78 MB
Who should read this paper? This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments. Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper. Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below. a)    InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.
19/12/2014 2014/1570 Consultation paper on MiFID II/MiFIR- part 1 , Consultation Paper PDF
6.55 MB
Who should read this paper? This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments. Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper. Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below. a)    InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.
10/11/2014 2014/1352 Consultation Paper on review of the technical standards on reporting under Article 9 of EMIR Consultation Paper PDF
657.07 KB
The European Securities and Markets Authority (ESMA) has today published a consultation paper on the revision of the Regulatory Technical Standards (RTS) and implementing technical standards (ITS) in relation to the European Market Infrastructure Regulation (EMIR). The ESMA RTS/ ITS deal with the obligation of counterparties' and CCP's to report to trade repositories. Since the entry into force of the RTS and ITS, ESMA has worked on ensuring their consistent application. The practical implementation of EMIR reporting showed some shortcomings and highlighted particular instances for improvements so that the EMIR reports better fulfil their objectives. ESMA revised standards propose to clarify the interpretation of the data fields needed for the reporting to trade repositories and the most appropriate way of populating them. ESMA will consider stakeholder's feedback to the proposed revised standards by 13 February 2015.

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